Solana Price Prediction: Will ETF Hopes and Network Growth Push SOL Higher?

The post Solana Price Prediction: Will ETF Hopes and Network Growth Push SOL Higher? appeared on BitcoinEthereumNews.com.

Solana traded around $104 on Saturday, Aug. 29, after gaining nearly 11% over the past seven days, putting SOL back above the psychologically important $100 level. Two long-term charts now point to a potentially important structural shift, although the more aggressive $1,000 target remains a speculative scenario that would require substantial confirmation.  Solana Repeats a Long-Term “Bear Trap” Structure A two-week Solana chart shared by Maelius highlights similarities between the current market structure and SOL’s 2022-2023 bottoming process. In both cases, price briefly moved below a major horizontal level before recovering, while the relative strength index approached or crossed a long-term descending trend line. Solana SOL Long-Term Bear Trap Pattern. Source: Maelius (@MaeliusCrypto) on X The earlier setup is important because SOL fell beneath support near the $20 region during the 2022 downturn before reclaiming it in 2023. That recovery preceded a much larger advance, eventually carrying Solana back above $200. The current structure resembles that sequence on a larger price scale. SOL recently traded below the horizontal area around $80 before recovering sharply, and the chart labels the downside move as another potential “trap.” Price has since pushed back above $100, strengthening the case that the breakdown may have failed. Momentum offers another point of comparison. The chart’s RSI panel shows the indicator challenging a multiyear descending resistance line, similar to the momentum shift marked near the 2023 bottom. A sustained RSI breakout alongside continued strength above the reclaimed price level would provide stronger confirmation that the pattern is developing as illustrated. The bullish interpretation weakens if SOL loses the reclaimed $80 region and begins establishing lower lows beneath it. For now, the practical takeaway is that $80 has shifted from a breakdown level into an important long-term support area, while the $130-$165 region represents a more immediate overhead…

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